Allianz Delivers Strong First Half in Asia

Singapore, 17th August 2017 -- Allianz is pleased to announce its consolidated results for the Asia region for the six months ended 30 June 2017. First half performance highlights:

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Asia overview
  • Total revenues grew 40% to EUR 2.9 billion
  • Operating profit up 12% to EUR 150 million
  • Annualized Return on Equity (RoE) rose to 13.3 percent (full year 2016 – 11.4 percent)*
Life & Health segment
  • Annualised new premiums (ANP) rose 45% to EUR 461 million
  • New business value (NBV) grew 43% to EUR 144 million
  • Operating profit grew 20% to EUR 121 million
Property & Casualty segment
  • Gross written premiums (GWP) grew 13% to EUR 416 million
  • Operating profit down 13% to EUR 29 million
  • Combined ratio of 97.9% (2016 – 94.7%)
* Annualized figures are not a forecast for full year numbers

“Allianz Asia has achieved a very strong first-half, with solid growth across both top line sales and bottom line profit. This outperformance underscores the quality of our regional franchise, clear growth strategy and diversified portfolio in Asia. A big part of our strategy is about delivering the best propositions to Asia’s growing customer base, and this performance also reflects the foundation and investments Allianz has built up in recent years to meet this rising demand. 

“We have made substantial progress in our Life & Health business, with annualized new premiums (ANP) growing 45%, reflecting the strong organic growth in our core distribution channels. While agency remains our largest channel, the recent partnerships with PNB in the Philippines, E-sun Bank in Taiwan and Maybank in Indonesia have displayed very positive momentum. As of July 2017, we have also extended our long-term partnership with HSBC into Manila. New business value increased 43% due to an active shift towards more capital-efficient products in key markets like China and Southeast Asia, as well as from higher unit-linked premiums in Taiwan. 

“We also posted positive growth in our Property & Casualty business, particularly in China and Sri Lanka, however, profitability was slightly lower due to impairment and consolidation effects. Significantly, our proven ability to innovate across products, platforms and services embeds Allianz more closely with Asia’s increasingly digital-savvy customers. In the last six months, we have tied up with 14 digital partners, bringing simple and affordable protection solutions to more customers than ever.

Since early August 2017, we have also commenced the landmark partnership with Standard Chartered bank in Hong Kong, Singapore and Malaysia, the first three of the five Asian markets covered in the 15-year general insurance agreement. This strategic alliance deepens our presence and capabilities in the region, allowing Allianz to provide best-in-class products that respond to the diverse protection needs of Standard Chartered’s customers.  

We’re very excited about the depth of innovation in our business, and the opportunities we continue to unlock in the region. We’ll continue to build on these strengths and competitive advantages in brand, services and technology as we look to further drive growth and value creation in Asia.”